Athora Completes Generali Belgium Acquisition
Bermuda-based Athora Holdings in January 2019 completed the acquisition of Generali Belgium, first announced in April 2018.
The final consideration paid is approximately €540 million. Generali Belgium has 530,000 customers and sells a range of life and non-life insurance policies through around 1,000 independent brokers. In 2017, total premium income amounted to €640 million and assets to €6.5 billion.
The company will be rebranded to Athora Belgium in the first half of 2019; it further plans to expand its presence in Belgium, the Netherlands and Luxembourg.
Athora remains Generali Employee Benefits (GEB)’s network partner in Belgium. As a result, GEB’s multinational pooling clients are not affected by the change.
Athora group is led by former investment banker and Managing Partner Michele Bareggi; former investment banker Eric Viet is the group’s Head of Benelux; former Generali Belgium chief distribution officer Dorsan van Hecke is the interim CEO of the acquired business.
Athora now owns Athora Lebensversicherung in Germany (previously Delta Lloyd Lebensversicherung), Generali Belgium, Athora Ireland (previously Aegon Ireland), and Athora Life Re, a Bermuda-domiciled reinsurer. The group has about 800 employees, 800,000 policyholders, and total consolidated assets of €15 billion.